Selling Guide

Published December 16, 2020

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B5-2-02, Manufactured Housing Loan Eligibility (12/16/2020)

Introduction

This topic contains information on manufactured housing loan eligibility, including:


General Loan Eligibility Criteria

Fannie Mae purchases loans secured by manufactured homes that meet the following general criteria:

  • first-lien mortgages only,

  • fully amortizing fixed-rate mortgages,

  • fully amortizing adjustable-rate mortgages with initial fixed-rate periods of 7 years or 10 years, and

  • principal residences (single- and multi-width), and

  • second home dwellings (multi-width only).

Refer to the Eligibility Matrix for additional restrictions and maximum allowable LTV, CLTV, and HCLTV ratios.


Ineligible Manufactured Housing Criteria

The following are ineligible for loans secured by manufactured housing:

  • temporary buydowns,

  • investment properties,

  • single-width manufactured homes with a date of manufacture more than 10 years from the effective date of the original appraisal,

  • homes located on leasehold estates, unless located in a Fannie Mae-approved condo project.


Manufactured Housing Standards

The loan must be secured by both the manufactured home and the land on which it is situated, and both the manufactured home and the land must be legally classified as real property under applicable state law.

The purchase, conveyance, and financing (or refinancing) of the land and the manufactured home must be evidenced and secured by a single valid and enforceable note and first lien mortgage, deed of trust or security deed that is recorded in the land records, in states where applicable state law clearly provides for such a single lien.

See B2-3-02, Special Property Eligibility and Underwriting Considerations: Factory-Built Housing, for additional information.

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